Repsol boosts natural gas production, strengthens its position in US

Repsol-AlaskaRepsol boosts gas output in Alaska

Link Securities | Repsol has strengthened its offensive in the US to boost its natural gas output. According to sources consulted by el, the group has reached an agreement with Australia’s Santos-Oil Search to take a 49% stake in a total of 46 exploration blocks in Alaska. At the same time, the Spanish oil and gas company has acquired a mining area from Abarta in the Marcellus basin and has bought up 11.3% of the Blacktip field in the Gulf of Mexico.

These three operations represent a further step forward in Repsol’s plan to hike its gas production, looking towards gaining greater weight in this activity amid the energy transition process in the US, as well as increase its focus on that market. The group’s CEO, Josu Jon Imaz, took advantage of the recent results’ presentation to flag that the tax which the Government is preparing for the oil companies sows a seed of doubt which opens the door to larger investments in the US. He also reminded the Government that the industry is not a regulated business.

In August, Repsol and Santos approved the decision to invest in the Pikka mega-field in Alaska where they will allocate 2.55 billion euros to start up the largest field in the country in the last 30 years.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.